2 Answers
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PowerShell version 2 is included with Windows 7 and Server 2008. Microsoft has invested serious time and energy into making their products manageable with PowerShell. For instance, the GUI management of Exchange 2007 is built on top of PowerShell cmdlets. Each screen has a "copy to clipboard" link that will copy the PowerShell code for the underlying command the GUI is performing. More and more technologies from Microsoft (SQL, SCOM, etc.) are becoming PowerShell friendly. Furthermore, older technologies like WMI can be tapped into with PowerShell. One key new feature in PowerShell version 2 is remoting - the ability to run PowerShell commands against a remote machine as if you were running them on that machine. I highly suggest getting on board with this technology now as Microsoft is making every indication that this is where they are heading and in a quick way. Here are some great places to get started:
http://www.microsoft.com/windowsserver2003/technologies/management/powershell/default.mspxhttp://www.scriptinganswers.comhttp://www.powershellcommunity.orghttp://www.powershell.com

To piggy-back off of Marcus, SQL 2008 comes with Powershell as well, although it is v1.
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squillmanAug 27 '09 at 2:19

Yep - truly, Microsoft is showing all signs that PowerShell is their means of managing Windows and Windows environments going forward. I'd wager in the next few years, a Windows admin that doesn't do PowerShell will be rare.
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MarcusAug 27 '09 at 2:21

I've made it a goal to eradicate my usage of cmd.exe
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squillmanAug 27 '09 at 2:34